Terraces at 87th could expand with 20 additional townhomes in north St. Pete
/Rendering of the redesigned townhome units at Terraces at 87th in north St. Pete | Belleair Development Group
A townhome development in north St. Pete is seeking approval to add 20 more residences as the project advances to the next phase of construction.
Belleair Development Group has submitted an application to expand Terraces at 87th from 112 to 132 townhomes through Florida's Graywater Density Bonus program, which took effect in 2021.
The request is scheduled to be reviewed by the Development Review Commission on August 5th.
Terraces at 87th occupies the former Lamplight Village mobile home park near the corner of 4th Street North and 87th Avenue North.
Belleair bought the property in January 2018 for $3.4 million.
Terraces at 87th occupies the former Lamplight Village mobile home park near the corner of 4th Street North and 87th Avenue North | Google Maps | BElleair Development Group
City officials initially approved plans in 2021 for a residential project that included townhomes and a three-story, 40-unit apartment building.
The project was later reconfigured to eliminate the apartment building and move forward exclusively with townhomes.
Construction on the first phase of 16 townhomes began in 2022. The homes were completed in 2024.
Under the previously approved plan, the remaining phases would have added 96 residences, bringing the project's total unit count to 112 homes.
However, subsequent phases were put on hold while the development team evaluated whether changes to the project would better align with market demand, according to Belleair Development Group Owner and Principal Christian Yepes.
The new proposal will increase the number of homes planned for the remaining phases from 96 to 116, resulting in a total of 132 residences across the entire 6.14-acre development.
A site plan for the proposed changes, including the new townhomes and the existing buildings |
While the density bonus provides the mechanism for adding units, Yepes said changing buyer preferences are driving the request.
“We are exploring ways to provide greater flexibility for units of varying sizes, allowing us to better respond to market conditions,” Yepes said in a conversation with St. Pete Rising.
The 16 existing townhomes span approximately 1,976 square feet and feature three- and four-bedroom floorplans.
According to Yepes, 13 of the 16 completed residences are occupied, while the remaining homes start at $809,000.
“There’s been an encouraging mix of interest in the project from all walks of life, and one significant point of feedback that stood out was the demand for smaller units,” Yepes said.
An aerial photo of the first 16 completed townhomes at Terraces at 87th in north ST Pete | Realtor.com
The revised plan would maintain the project's three-story townhome design while introducing smaller residences based on feedback from prospective buyers.
The increase in density would be made possible through the Graywater Density Bonus program.
The state program allows qualifying residential developments to exceed normal density limits in exchange for incorporating graywater recycling systems.
Graywater includes wastewater from showers, bathtubs, bathroom sinks, and laundry facilities that can be treated and reused for irrigation and other non-potable uses.
For developments with at least 25 residential units, density can increase by as much as 35% if all residences incorporate graywater reuse systems.
Project documents state the development could qualify for up to 130 units on the undeveloped portion of the site through the 35% density bonus.
However, Belleair is only proposing 116 additional units rather than the maximum permitted under the program.
While there is currently no timeline for restarting construction on the next phase of townhomes, Belleair Development Group is continuing work on the community's resident amenities, including a resort-style pool, cabanas, grilling areas, and a dog park.
13 of the 16 completed residences are occupied, while the remaining homes start at $809,000 | realtor.com
